the Philippines lagged behind that of its Asian neighbors, earning the country such sobriquets as "the Sick Man of Asia" and "the Latin American of Asia." The Asian financial crisis that was triggered in July 1997 was a shocker. They saw their currency exchange rates, stock markets, and prices of other assets all plunge. Effects of the Asian Financial Crisis. Even two years after it ended, anxiety still loomed over global financial markets. President Duterte hasn’t forgiven the globalist financier. It was a period of instability in the Asian world which adversely affected a few major countries that had recently enjoyed economic progress. Increases in rice prices were also felt during this time, brought about by the looming Asian financial crisis and El Niño. The financial contagion that affected Asian countries from mid-1997 also hit Malaysia and the Philippines, but their experiences were somewhat different from other countries. (READ: FAST FACTS: Rice prices in the Philippines ) It began to raise many fears around the idea of an international economic crisis. During the Asian financial crisis, however, the sick man proved more resili-ent than his neighbors. In 1997 the Asian Financial Crisis took place. The Philippines has long been regarded as the weak sister of Asia, but in the Asian financial crisis it performed relatively well. The countries that were most severely affected by the Asian Financial Crisis included Indonesia, Thailand, Malaysia, South Korea, and the Philippines. Following the Asian financial crisis of 1997-98, the country saw 21 consecutive years of GDP growth. This was … The Asian Financial Crisis in the Philippines During the time of the Asian Financial Crisis the Philippines did not only face the Asian financial crisis, but also an episode of El Nino which brought severe drought in the region. The GDPs of the affected countries even fell by double digits. This has been attributed to the strengthening of its banking system (due to the 1997 Asian financial crisis), the continuing flow of OFW remittances from other countries, the pump-priming by the current government through construction works and the increasing number of outsourcing jobs obtained by Filipinos from foreign countries. Causing a depreciation of the peso 37.20/$ from 27.4 /$. Economic projections had the Philippines … Soros is a strong candidate for south-east Asia’s most unpopular man after being widely blamed for crashing the Thai and Malaysian economies in 1997 and sparking the Asian financial crisis through ruthless currency speculation. Let us recall again how the Asian financial crisis started 20 years ago in July 1997, and how it produced a domino effect on Asian countries. El Niño prices of other assets all plunge two years after it ended anxiety. Enjoyed economic progress it began to raise many fears around the idea of international. 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